The outlook for spot Ethereum ETFs mirrors Bitcoin’s recent struggles.
Spot Bitcoin exchange traded funds have now recorded net outflows for five straight weeks, marking another challenging period for investment products tied to the world’s largest cryptocurrency.
Despite the continued weakness, the latest figures suggest that selling pressure may be easing. The losses were far less severe than those seen in previous weeks, and Friday even delivered a positive surprise with net inflows.
Five Consecutive Weeks of Outflows
CryptoPotato has highlighted the disappointing performance of spot Bitcoin ETFs in recent weeks, particularly during the first trading week of June. During that period, investors withdrew more than $1.7 billion, making it the second largest weekly outflow since these products were launched.
Last week, four of the five trading sessions ended with net withdrawals. Investors pulled out $91.37 million on Monday, followed by $77.44 million on Tuesday. Outflows accelerated to $213.85 million on Wednesday before easing to $19.03 million on Thursday.
The first encouraging sign emerged on Friday when the trend reversed. According to SoSoValue data, Bitcoin ETFs attracted $85.85 million in net inflows, breaking the string of daily losses.
Even so, the overall week still closed in negative territory, with total net outflows approaching $316 million. The positive takeaway is that these losses were considerably smaller than the multibillion dollar withdrawals recorded over the previous four weeks.
The broader trend remains concerning. Since the week ending May 15, Bitcoin ETFs have experienced cumulative outflows exceeding $5.7 billion.
As a result, cumulative net inflows have continued to decline, falling from $59.34 billion on May 8 to $53.62 billion by June 12.
Ethereum ETFs Face Similar Pressure
Spot Ethereum ETFs have also endured a difficult stretch. Data from SoSoValue shows that these funds have likewise posted net outflows for five consecutive weeks, although the most recent week’s losses were less severe than many of the previous ones.
The week actually began on a strong note, with Ethereum ETFs attracting $82.37 million in fresh investments on Monday.
However, sentiment weakened over the following sessions. The funds recorded net outflows of $40.85 million on Tuesday, $35.59 million on Wednesday, $15.89 million on Thursday, and $4.95 million on Friday.
By the end of the week, Ethereum ETFs had registered just under $15 million in total net outflows. While still negative, the figure represented a significant improvement from the $173 million withdrawn during the prior week.
Cumulative net inflows into Ethereum ETFs have also retreated, slipping below $11.20 billion on Friday after reaching a peak of $12.09 billion on May 8.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
